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German chemicals company BASF SE said Wednesday it has co-founded a global alliance of nearly 30 companies to work on ways to eliminate plastic waste in the environment. The company said the alliance has committed more than $1 billion to the project and aims to invest $1.5 billion in the next five years. BASF Chief Technology Officer Dr. Martin Brudermueller said the company wants to help drive the effort to solve the waste problem, but also to ensure that the benefits of plastics such as convenience are not offset by the waste created when they are not disposed of or recycled in a responsible way. Data from the Ocean Conservancy shows that plastic in the oceans is mostly coming from litter on land and can be traced to ten major rivers, mostly in Asia and Africa. Many flow through regions that are densely populated but with inadequate waste collection and recycling infrastructure. The alliance will help fund projects to promote recycling, educate governments and communities and clean up areas of waste concentration. Other companies in the alliance include Chevron Phillips Chemical Company , ExxonMobil , Mitsui Chemicals and Total.

BASF SE

BASF SE engages in the provision of chemicals. It offers a range of chemicals and intermediates solutions. It operates through the following segments: Chemicals, Performance Products, Functional Materials and Solutions, Agricultural Solutions, and Oil & Gas. The Chemical segment refers to basic chemicals and intermediates portfolio, which comprises of solvents, plasticizers and high-volume monomers to glues and electronic chemicals as well as raw materials for detergents, plastics, textile fibers, paints and coatings, plant protection and pharmaceuticals. The Performance Products segment pertains the product portfolio which contains vitamins and other food additives as well as ingredients for pharmaceuticals and for hygiene, home and personal care items. The Functional Materials and Solutions segment pertains to the bundle system solutions, services and products such as catalysts, battery materials, engineering plastics, polyurethane system, automotive and industrial coating and concrete admixtures as well as constructive systems such as tile adhesive and decorative paints. The Agricultural Solutions segment is the crop protection products guard against fungal diseases. The Other segment is the exploration and production activities. The Oil & Gas segment focus on exploration and production in oil and gas-rich regions in Europe, North Africa, Russia, South America and the Middle East. The company was founded on April 6, 1865 and is headquartered in Ludwigshafen am Rhein, Germany.
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